Self-licensed investment advisory firm Elston Partners has expanded its business through the addition of two high net worth financial planning practices located in Queensland.
The acquired practices include Brisbane-based firm BBM, led by director Greg Jamieson, and Gold Coast-based firm DV&A Financial Advisers (DV&A), led by managing director and private client adviser Jonathan Bonnett.
Elston Partners managing director Andrew McKie said as part of the deal, Jamieson, Bonnett, two advisers and two support staff had been hired and would work from existing Elston offices in Brisbane and on the Gold Coast, where they had established client networks.
"Greg and Jonathan have both been appointed senior investment advisers, and Jonathan has also become a director and direct shareholder," McKie said.
According to Bonnett, Elston Partners has a strong reputation for investment management, including an environment which allows client assets to be managed professionally and with lower administrative costs.
Another essential factor in joining Elston Partners was that the company was privately owned and had its own licence, Bonnett said.
Meanwhile, Elston Partners revealed it had doubled assets under management over the past 18 months and would continue to expand organically and through acquisition.
McKie said being a licensed, individually-managed account fund manager and portfolio administrator had contributed greatly to the business' growth.
Currently, Elston Partners has three offices in Queensland, three in New South Wales and one in the Australian Capital Territory.
